Motorcycles are motor-powered two-wheeler vehicles designed for the purpose of commuting, cruising, off-road riding, long-distance and sports riding. On the basis of usage, the motorcycles are categorised as Off-road, street and dual purpose. Off-road motorcycles are dirt-oriented racing motorcycles, whereas, street motorcycles include scooters, mopeds, sports bikes & cruisers. A motorcycle encompasses various components like chassis, engine, transmission, brakes, wheels, tires, final drive and other instruments.
On the basis of product segments, global motorcycle market can be segmented into internal combustion engine (ICE) motorcycles, scooters, mopeds, light/medium/heavy motorcycles and electric motorcycles & bicycles. Of these, light motorcycle is the highest growing segment due to availability of various models and low price. Factors like greater fuel efficiency, favourable demographic profile, advancements in technological innovations, higher affordability, rising adoption to urban lifestyle are driving the motorcycle market. However, safety concerns for driver & passenger and emission regulations are restraining overall market development.
Motorcycles market is witnessing emergence of electric motorcycles which are powered by electricity through rechargeable batteries such as lithium-ion and nickel-metal hybrid batteries. Electric motorcycles have low operational and maintenance cost as compared to conventional ICE models. Currently, the electric motorcycles market is characterized by rapid technological innovations with presence of limited players. Considering increasing environmental and safety concerns and stringent vehicular emission norms electric motorcycles market is expected to grow tremendously.
Globally, motorcycles market is expected to grow tremendously attributing to rising demand from developing economies. In case of developed countries, market growth is expected to retain its pace as motorcycles are considered as a lifestyle accessory and are used for recreational activities. The market is expected to observe healthy competition among key players on the basis of quality and comfort. In addition, rising demand for motorcycle components and accessories is anticipated to further fuel growth of the market.
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